Finding A Good Mortgage Lender In Houston Is Easy With These 6 Tips
When it comes to you and your family’s future, you only want the best to assist you in purchasing your dream home. When your cash isn’t enough to pay for a home in full, you have got two options to choose from. One is to wait and save, and the other is to apply for a home loan to help you with your finances.
If you choose the latter, know that you’ll need not just any mortgage lenders Houston, but only the best of the best. We’ve gathered six tips to help you find a good mortgage lender in 2019.
Tip #1 Make Sure Your Credit Score is in Shape
Your credit report can hurt or increase your chances of getting approved for a mortgage loan, so, better take care of it way before you start hunting for mortgage lenders Houston. Check on your credit report regularly and make sure errors are taken care of, pay up on time and in full if you can.
Tip #2 Ask for Recommendations
To find a good mortgage lender, ask family, friends, and people you trust for recommendations like your financial advisor or real estate agents. Word of mouth is the best review one can get, so be sure to ask around. If you know someone who purchased a house recently, you can use this opportunity to ask them about their experience with their lender. Make sure to make a list and to get their contact details so you can add that particular lender to your list and you can categorize them on which you can trust and which one you should avoid.
Tip #3 Check Your Finances
Knowing how much money you have, how much you can spend and how much you need to borrow is essential, so be sure to organize your finances before you even set up a meeting with lenders. Know that you’ll most likely need to have at least 20% cash to cover for the down payment, enough money to cover for closing costs, taxes, utilities, and even homeowners insurance. Also, be sure to have enough savings on your bank. This way, lenders will have confidence that you’ll be able to pay up your monthly mortgages in cases of future emergencies.
Tip #4 Do Your Research
Once you’ve gathered at least 3 to 5 mortgage lenders, make sure to do some research and check for their accreditations, reviews, reputations and the like. A background check is one of the best ways to see if they are a reliable company. Check if you can get a hold of their previous and current customers and have small talk with them and ask about their experience.
Tip #5 Set Up a Meeting
Set up an appointment and don’t be afraid to ask questions, a list of their previous and current clients and their accreditation. Ask them about all the costs and fees including principal and interest costs. Don’t forget to ask them about the requirements needed to have your mortgage loan approved.
Tip #6 Compare the Rates and Pros and Cons
With all the necessary information at hand, it’s time to decide which mortgage lender to take your business. Compare their prices, total fees, and costs. Check the pros and cons of choosing each lender you have on the list, and you’ll eventually come up with one that’ll meet your expectations and needs.